What is the meaning / definition of Yield Management in the hospitality industry?

Simply put, the purpose of Yield Management (aka Revenue Management) is to achieve maximum revenue/profit. To do this, a yield management strategy needs to be both reflective and forward-looking. That is, yield managers should attain a clear yet detailed understanding of what has happened before, and what is happening now. The most efficient way to do this is to draw from historical data to predict what may then happen in the future. So, the process of effective yield management involves understanding, anticipating and reacting to consumer behaviour (to ultimately maximise revenue!).

What is the meaning / definition of Yield in the hospitality industry?

Yield simply means revenue made. But a common mistake is to assume that Yield is the revenue created from the selling of rooms and suites and from in-house services within the hotel. That is not necessarily so! Yield can sometimes also mean the money generated from different outlets trading on the hotel's premises, or connected to it externally. What's more, yield can refer to the profitability of a hotel's departments, measured individually rather than only collectively.

What is the meaning / definition of Worldspan in the hospitality industry?

Worldspan is a company providing worldwide electronic distribution of travel information, internet products, connectivity and e-commerce capabilities for travel agencies and other travel service providers, such as hotels.

What is the meaning / definition of Wholesaler in the hospitality industry?

A Wholesaler is a 3rd party organization that sells hotel room nights. Wholesalers are companies that buy rooms in bulk then sell them to travel agents and OTAs, allowing hotels to generate more sales. Wholesalers are operating in the B2B segment, meaning they do not sell directly to the public but to other 3rd party sites and distribution channels.

Sometimes, even though a hotel accepts a reservation from an individual, couple, family or group, it cannot actually accommodate them when they arrive on the agreed date! This is usually due to the hotel having full capacity at that time, confusion over a booking, or through the hotel utilising its Sell Through option. But, the good news for prospective guests, is that all may not be lost; at least, not quite yet!

What is the meaning / definition of Vouchers in the hospitality industry?

Voucher is a ‘coupon’ given to a guest for a specific prepaid service (accommodation in a hotel) handheld out by a travel agency. As a form of a ‘receipt’ the traveler can then claim the service he paid for.

What is the meaning / definition of Vouchers in the hospitality industry?

Voucher is a ‘coupon’ given to a guest for a specific prepaid service (accommodation in a hotel) handheld out by a travel agency. As a form of a ‘receipt’ the traveler can then claim the service he paid for.

What is the meaning / definition of Turnaway in the hospitality industry?

Sometimes, a hotel simply cannot accommodate a guest who has already made a reservation. Having to treat such a guest as a Turnaway can happen at any time of year, but this usually occurs during a certain period and for a compelling reason or reasons.

What is the meaning / definition of Travel Agent in the hospitality industry?

Travel Agent is a person whose job it is to arrange travel for end clients (individuals, groups, corporations) on behalf of suppliers (hotels, airlines, car rentals, cruise lines, railways, travel insurance, package tours). His task is to simplify the travel planning process for their customers in addition to providing consultation services and entire travel packages.

What is the meaning / definition of Transient in the hospitality industry?

At most hotels, guests fall into two main categories: group and non-group. Amongst the non-group category are Transient Travellers: these are guests who are predominantly on-the-move and seek short (and often urgent!) hotel-stays.

What is the meaning / definition of Target Market in the hospitality industry?

Adopting a laser-focused approach to selling hotel rooms can be pivotal in achieving excellent occupancy levels, and therefore outstanding profits year-on- year. Marketing towards a specific audience, rather trying to sell to everyone (and being, as we say in the Hospitality Industry, 'all over the map'!) can help enormously when it comes to maximising revenue.